Veolia Environnement is a large, investment‑grade‑quality environmental services group with long‑term contract‑based revenues and stable cash‑generation. Its net‑debt/EBITDA rose from roughly 3.5× in 2022 to about 3.9× in 2023, still within the range typical for investment‑grade issuers of hybrid instruments. Interest coverage (EBIT/ net finance costs) is comfortably above 3× (≈3.7× in 2023), indicating adequate ability to service debt. Operating cash flows are strong (over €4 bn in 2023) and provide a solid buffer for coupon deferrals that hybrid bonds often allow. Moreover, the company already carries significant hybrid‑type securities (deeply subordinated notes) valued at €3.5 bn in 2023, demonstrating market acceptance of its hybrid‑bond issuance capacity. Together these financial metrics and the existing hybrid‑capital base confirm that Veolia is well‑positioned to issue additional hybrid bonds.

<answer>Strongly Suitable</answer>